| Recent research has shown that properties in Scotland are being let faster than at any time in recent years due to continually high tenant demand. The latest quarterly report from Scotland’s foremost online letting portal City lets has revealed that a higher number of properties are being let quicker compared to the same quarter last year. In addition rents in the area have also risen by 4.5% – the highest rate of growth recorded. City lets says that the rise in demand for rented properties in Scotland was first observed in November last year and has since been maintained. The online letting authority also states that the current credit crunch and stabilization of the housing market will lead to more people renting in the short to medium period. If you’re one of the many property investors who have been thinking about purchasing a property in Scotland you may find these recent developments compelling enough to make you push through with your planned purchase. To take advantage of the Scottish rental market, you can consider purchasing a property in Scotland and convert it into a rental accommodation.
Many investors earn superior returns by buying a property for less than its market value. One way of doing this is by attending a property auction in Scotland and picking up properties priced below market value. Advantages of buying at auction while there are many advantages to buying a property at auction, the main ones are: Properties at auction are typically offered at a competitive reserve price. If more than one person shows interest in a certain property, an auction provides free and impartial competition allowing the buyer to purchase the property at a price competitively obtained against other bidders. If you are the successful bidder you are assured that the seller cannot pull out from the deal and that the property is yours upon completion. Probably the biggest advantage that auctions have for property investors is the fact that they offer numerous properties that can be purchased at a price below market value – especially in the current climate.
The appeal here is that if you can get such a property in a prime location and at an affordable price, you can renovate it and resell it for high profits. Make sure to have a separate assessment done by your own surveyor and then try to reach the best price possible with the seller. To get the lowest prices, you have to purchase from distressed sellers who are looking for a quick sale of their property. With the Scottish rental market currently churning in profits for landlords, it’s no surprise that many property investors are keen on entering the market with some taking advantage of a property auction in Scotland to earn higher profits. It is believed that the market will continue to see a demand in rental accommodations and consequently a further rise in rental rates.
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